TransUnion (TRU) Stock Soaring in Market Debut

Shares of TransUnion (TRU) are surging in mid-day trading on Thursday, the company's first trading day after its IPO.

NEW YORK (TheStreet) -- Shares of TransUnion (TRU) are soaring 9.16% to $24.56 in mid-day trading on Thursday, the company's first trading on the New York Stock Exchange.

Chicago-based TransUnion is a credit reporting company that provides a variety of information services for businesses and consumers, including automotive valuation data and analytic services for risk management. It operates in 33 countries in Africa, Asia, Latin America and North America.

Yesterday, Transunion priced its initial public offering of 29.5 million shares at $22.50 per share. Underwriters were granted a 30-day option to purchase up to an additional 4.4 million shares at the IPO. The $626.5 million in net proceeds will be used to reduce its debt, TransUnion stated.

Previously, the company had expected to price its IPO at $21 to $23 a share. The company is currently valued at about $4 billion, The Wall Street Journal reports.

As of 12:21 p.m., the stock is trading on high volume, with more than 16.8 million changing hands.